Friday, December 14, 2018

Elliott Wave Stock Market Update - December 14

I was wrong on assuming prices would make a higher high as the market sold off again and closed just barely under 2600. All the gains from the rally that started in April are now completely gone and prices could end up testing this year's low at 2532 in the next few weeks. There are some in the financial media that are calling for a bottom but I personally wouldn't touch this market. The TA and all major trends are firmly bearish and the risk is there for a bigger sell-off.

Have a great weekend!

Short Term Trend = Bearish
Medium Term Trend = Bearish
Long Term Trend = Bearish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking

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